Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Saving tools sales reach 68pc of annual target in 4 months
National savings certificate sales increased 2.96 per cent or Tk 514.08 crore in July-October of 2018-2019 fiscal year in comparison with that of in the same period of the previous year due to higher returns from NSCs than bank deposits. As per the latest Directorate of National Savings report, the net sales of NSCs increased to Tk 17,828.73 crore in July-October of FY19 against Tk 17,314.65 crore in the same period of FY18.
Banking sector needs reform
Planning Minister AHM Mustafa Kamal yesterday admitted that the problems in financial sector were created due to weakness in government supervision. The admission came a day after the country’s top economists and bankers at a discussion of the Centre for Policy Dialogue observed that the banking sector was passing through “the worst time ever”.
Foreign banks hardly lend money to SMEs
Lending to Small and Medium Enterprises (SMEs) by foreign commercial banks (FCBs) operating in Bangladesh is much lower than expected level over the years, banking sources said. According to the data available with the Bangladesh Bank, nine foreign banks disbursed only Tk 7.50 billion in credit during the period between January and June of the current calendar year.
Bangladesh’s stocks extend losses for second day
Bangladesh’s stocks extended the losing streak for the second day in a row on Sunday, as cautious investors continued their selling spree on large-cap sectors. Analysts said investors were mostly on selling mood following the news of major banking scams, rising non-performing loans coupled with falling foreign portfolio investment in the Dhaka bourse.
BGMEA board move over tenure extension again angers members
A move of the current board of Bangladesh Garment Manufacturers and Exporters Association to persuade the government to extend its tenure for the third time has angered the trade body’s general members who have long been waiting for elections to pick their leaders.
ADP spending picks up pace
Development spending has finally picked up pace in November amidst the frenzy surrounding the polls on December 30 after being on the slow lane in the first four months of fiscal 2018-19. In November Tk 12,623 crore was spent from the annual development programme (ADP) budget, in contrast to the average of Tk 6,216 crore managed by the ministries and divisions in the previous four months of fiscal 2018-19.
Elections big investment, says CPD
The economic disparity in the society may have grown due to a lack of political competition during the last five years, a local think-tank said on Sunday. “There is a lack of qualitative economic development in the last five years despite the fact that there were lots of economic developments took place during the period,” a distinguished fellow of the Centre for Policy Dialogue (CPD) Dr. Debapriya Bhattacharya said.
New VAT law to come into force from next fiscal year
The new VAT law will come into force from the next fiscal year with multiple rates instead of a uniform rate of 15 per cent, the head of NBR said on Sunday. The National Board of Revenue (NBR) may keep three rates of VAT as the uniform rate is not perfect for the country’s economy, said NBR chairman Md Mosharraf Hossain Bhuiyan.
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